Acquirer sweetens ShopKo deal
September 9, 2005-- Home Textiles Today,
GREEN BAY, Wis. -- ShopKo Stores and its would-be acquirer, affiliates of Goldner, Hawn, Johnson & Morrison, have raised the purchase price of ShopKo shares after a number of interested parties let their disapproval of the proposed $24 per-share purchase price be known.
Goldner Hawn now proposes to pay $25 per share for the company. Additionally, the proposed acquirer has relinquished its right to match any superior proposal. ShopKo, in turn, has agreed to reimburse the firm a maximum of $13.5 million of its third-party out-of-pocket transaction fees and expenses if shareholders do not approve the amended merger agreement or if the transaction is not completed by Nov. 1 -- half the originally proposed amount.
The proposed shareholder vote on Sept. 14 will be convened and immediately adjourned until a later date, according to the company. No new date has yet been set.